Mukesh Ambani

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Mukesh Ambani
Mukesh Ambani.jpg
Born (1957-04-19) 19 April 1957 (age 56)
Aden, Yemen[1]
Residence Mumbai, India
Nationality Indian
Alma mater UDCT, Mumbai
Occupation Chairman and Managing Director, Reliance Industries
Director, Bank of America
Net worth Increase US$ 21.5 billion (2012)[2]
Religion Hindu
Spouse(s) Nita Ambani
Children Akash
Anant
Isha[3]
Parents Dhirubhai Ambani
Kokilaben Ambani
Relatives Anil Ambani (Brother)
Website
Mukesh Ambani

Mukesh Dhirubhai Ambani (Gujarati: મુકેશ ધીરુભાઈ અંબાણી; born on 19 April 1957) is an Indian business magnate who is the chairman and CEO of the Indian conglomerate Reliance Industries Limited (RIL), a Fortune Global 500 company and India's most valuable company by market value.[4][5][6] Mukesh Ambani, the elder son of the founder of Reliance Industries late Dhirubhai Ambani is the largest Shareholder in RIL. He holds a 44.7 percent stake in the company.[7] The Headquarters of RIL is situated in Mumbai, India. The company deals in mainly refining, Petrochemical and oil & gas sectors. Reliance Retail Ltd is a Subordinate firm of RIL. It was founded in 2006 and it is also based in the financial Capital of India i.e. Mumbai. The company is considered as the largest Retailer in the country.

In 2010, he was included in Forbes's list of "68 people who matter most".[8] As of 2013, he is India's richest man and second richest man in Asia.[9] Ambani is listed as the 22nd richest person in the world with a personal wealth of $21.5 billion. He has retained his position as the world's richest Indian for the sixth year in a row.[10] He is a member of the board of directors of Bank of America Corporation and the international advisory board of the Council on Foreign Relations. He is also the chairman of the board of Indian Institute of Management Bangalore, one of the premier business schools in the country.

In 2012, Forbes named him the richest sports owner [11] in the world. He co-owns the Indian Premier League franchise Mumbai Indians.[12]

Contents

Early life[edit]

Mukesh Ambani was born on 19 April 1957 to Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother, Anil, and two sisters, Dipti Salgaoncar and Nina Kothari. The Ambani family lived in a two bedroom apartment in Bhuleshwar, Mumbai until the 1970s.[13] Dhirubhai then purchased a 14-floor apartment block called 'Sea Wind' in Colaba, where, until recently, Mukesh and Anil lived with their families on different floors.[14]

He attended the Hill Grange High School on Peddar Road, Mumbai, along with his brother and where Anand Jain, his close associate, was his classmate.[15] He received BE degree in Chemical Engineering from the University of Mumbai; Mumbai; University Department of Chemical Technology (UDCT).[16] Mukesh later enrolled for an MBA from Stanford University but dropped out.[17] The Indira Gandhi administration threw open the doors of PFY (polyester filament yarn) manufacturing to the private sector in early 1980. Dhirubhai Ambani had applied for a license to set up a PFY manufacturing plant. In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the licence.[18] To help him build the PFY plant, Dhirubhai pulled his eldest son Mukesh out of Stanford where he was studying for his MBA. Mukesh Ambani, then dropped out to help his father and initiated Reliance`s backward integration from textiles into polyester fibres and further into petrochemicals, beginning in 1981.[19]

In 2010, Mukesh Ambani was given an Hon.DSc (Doctor of Science Honoris Causa) degree by M.S University, Baroda.[20]

Business career[edit]

Mukesh Ambani joined Reliance Industries in 1987.[21] He initiated Reliance's backward integration journey from textiles into polyester fibres and further into petrochemicals, petroleum refining and going up-stream into oil and gas exploration and production.[22]

Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives.[23]

Ambani directed and led the creation of the world’s largest grassroots petroleum refinery at Jamnagar, India, which had the capacity to produce 660,000 barrels per day (33 million tonnes per year) in 2010, integrated with petrochemicals, power generation, port and related infrastructure.[24]

Board memberships[edit]

  • President Pandit Deendayal Petroleum University, Gandhinagar, Gujarat

Awards and honors[edit]

Year of Award or Honor Name of Award or Honor Awarding Organization
2000 Ernst & Young Entrepreneur Of The Year[26] Ernst & Young India
2010 Global Vision Award at The Awards Dinner[27] Asia Society
2010 Business Leader of the Year[28] NDTV India
2010 Businessman of the Year[29] Financial Chronicle
2010 School of Engineering and Applied Science Dean's Medal[30] University of Pennsylvania.
2010 Global Leadership Award[31] Business Council for International Understanding[32]

Personal life[edit]

Antilia, as seen from Altamount Road

Mukesh is married to Nita Ambani and has three children.[34] They live in a private 27-storey building in Mumbai named Antilia[35] valued at US$1 billion and it is said to be the most expensive home in history.[36] Even as RIL's total outgo towards remuneration to its all top management personnel, as also the sitting fees and commissions for its non-executive directors, increased during the fiscal year ended March 31, 2012, Mukesh decided to forgo nearly Rs 24 crore from his annual pay last fiscal as chief of Reliance Industries Ltd (RIL), keeping his salary capped at Rs 15 crore for the fourth year in a row.[37]

See also[edit]

References[edit]

  1. ^ "The Rediff Business Interview/ Mukesh Ambani". Rediff. 17 June 1998. Retrieved 15 July 2010. 
  2. ^ Mukesh Ambani topic page Forbes.com. Retrieved March 2013.
  3. ^ "NY Times pics on Mukesh Ambani". The New York Times (India). 15 June 2008. Retrieved 9 February 2010. 
  4. ^ "Mukesh Ambani :: RIL :: Reliance Group of Industries". RIL. Retrieved 9 February 2010. 
  5. ^ "FORTUNE Global 500 2011: Countries". CNN. 24 July 2011. Retrieved 9 February 2010. 
  6. ^ "Market Capitalization". Indian stock markets:Companies by Market Capitalization. Rediff.com India Limited. 
  7. ^ Chu, Patrick; Ismail, Netty (Mar 5, 2012). "Mukesh Ambani Backed by India Power Holdings Proves Asia’s Top Billionaire". Bloomberg. Retrieved 9 March 2007. "Year 2012." 
  8. ^ "Sonia Gandhi, Tata in Forbes' most powerful people list". The Hindu (Chennai, India). 4 November 2010. 
  9. ^ "Forbes topic page on Mukesh Ambani". Forbes. Retrieved 5 April 2010. 
  10. ^ Mukesh Ambani richest Indian with wealth of $21 billion: Forbes
  11. ^ Van Riper, Tom. Forbes http://www.forbes.com/pictures/eddf45gffi/mukesh-ambani/#gallerycontent |url= missing title (help). 
  12. ^ Mumbai Indians owner Mukesh Ambani among richest sport owners. Cricic.com (2010-01-20). Retrieved on 2012-07-09.
  13. ^ "Reliance didn't grow on permit raj: Anil Ambani". rediff.com. 11 May 2002. Retrieved 28 October 2010. 
  14. ^ Yardley, Jim (28 October 2010). "Soaring Above India's Poverty, a 27-Story Home". The New York Times. 
  15. ^ Jain's association with the Ambanis dates back to the time when he went to Hill Grange School with Mukesh and Anil http://m.intoday.in/story/anand-jain-a-bone-of-contention-between-the-ambani-brothers/1/194368.html
  16. ^ "Mukesh Ambani on his childhood, youth". Mukesh Ambani on his childhood, youth – Rediff.com Business. Rediff.com. Retrieved 5 October 2011. 
  17. ^ "'Always invest in businesses of the future and in talent'". Rediff Business – Interview with Mukesh Ambani, 2007. Rediff.com. Retrieved 17 October 2011. 
  18. ^ "Reliance Industries – Company Profile". Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. Read more: Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd.- Reference for Business. Advameg Inc. Retrieved 17 October 2011. 
  19. ^ "Mukesh Ambani to pen RIL’s polyester-to-petrochem story". Ways2Trade Blog. Blogspot.com. Retrieved 17 October 2011. 
  20. ^ "M.S. University Confers Degree Of Doctor Of Science Honoris Causa To Mukesh Ambani". Retrieved october15, 2010. 
  21. ^ "Mukesh Ambani :: RIL :: Reliance Group of Industries". RIL. Retrieved 29 March 2010. 
  22. ^ "Remarks by Mukesh D. Ambani Chairman and Managing Director, Reliance Industries Ltd., India". Global Business and Global Poverty Conference Stanford Graduate School of Business. Stanford Graduate School of Business. Retrieved 17 October 2011. 
  23. ^ "Reliance Infocomm Ushers a Digital Revolution In India". Press Release by Reliance Infocomm. Reliance Communications. Retrieved 17 October 2011. 
  24. ^ "Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries". RIL. Retrieved 18 February 2010. 
  25. ^ "Mukesh Ambani – Executive Profile & Biography". Mukesh Ambani – Executive Profile & Biography – Bloomberg Businessweek. Bloomberg. 
  26. ^ "Ernst & Young Entrepreneur Of The Year Award". Retrieved 10 June 2013. 
  27. ^ Mulgund, Shreyas. "Asia Society Awards Dinner Honors Mukesh Ambani, Jeffrey Immelt, and NY Philharmonic". Press Release on Asia Society. Asia Society. Retrieved 21 September 2011. 
  28. ^ Mulgund, Shreyas. "Winners of the NDTV Business Leadership Awards". Winners of the NDTV Business Leadership Awards. NDTV Convergence Limited. Retrieved 21 September 2011. 
  29. ^ Mulgund, Shreyas (30 December'2010). "FC Businessman of the Year: Mukesh Ambani". Financial Chronicle. Retrieved 21-September' 2011. 
  30. ^ "IMukesh Ambani awarded the Dean's Medal by University of Pennsylvania". Mukesh Ambani awarded the Dean's Medal by University of Pennsylvania. FORBES. Retrieved 9 January 2010. 
  31. ^ "BCIU Presents Dwight D. Eisenhower Global Awards to Mukesh D". Bloomberg. Retrieved 1 August 2012. 
  32. ^ "BCIU Gala". 
  33. ^ Mulgund, Shreyas. "The 100 Best-Performing CEOs in the World". Harvard Business Review. Harvard Business Publishing. Retrieved 21 September 2011. 
  34. ^ "Nita Sikbani". Da-is.org. Retrieved 9 February 2010. 
  35. ^ Kwek, Glenda (15 October 2010). "India's richest man builds first $2-billion home, Antilia,". The Age (Melbourne). Retrieved 28 October 2010. 
  36. ^ Mark Magnier (24 October 2010). "Mumbai billionaire's home boasts 27 floors, ocean and slum views". The Los Angeles Times. 
  37. ^ "Mukesh Ambani forgoes Rs 23.82 crore from his pay package - The Times of India". The Times Of India. 

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